Job growth drives PBC apartment market

Palm Beach County saw its best half-year period of job growth in three
years in the first six months of 2010, strengthening the fundamentals of
the county’s apartment market, according to Marcus & Millichap’s
latest apartment research update on Palm Beach County. While the
operating results of 2010 constitute a positive trend, job creation will
likely slow in the months ahead as employers remain cautious. According
to the report, there will be a 0.9 percent increase in employment
in the county, along with 217 newly constructed units, and a 40-basis-point decrease in vacancy, down to 8.8 percent. Large-property asking
rents are also predicted to increase 1.6 percent this year to around
$1,078 per month. TRD